International Politics ///
Norway and the UK: Promises and problems. Upstream activity on the Norwegian and UK Continental Shelves is dwindling. Fields are depleting, and platforms are shutting down. Exploration decreases, and the discoveries made are of diminishing sizes. Few major development projects remain, and investment levels are falling.
After the UK, Norway has matured and shows no signs of further growth, due more to politics than geology. Both countries need to stimulate increased exploration; develop new, smaller fields linked to infrastructure; and increase field output. Industry executives claim that Norway's high petroleum tax rate is the major reason why oil companies do not consider many projects to be sufficiently profitable. Although Norway's oil output will decline (unless industry incentives improve), natural gas is set to increase further.
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